Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

2.	Cash Equivalents and Investments:

As of September 30, 2018 and December 31, 2017, the Company’s cash equivalents consisted entirely of money market funds totaling $0.3 million and $9.2 million, respectively.

Investments consist of municipal debt securities, federal home loan securities and certificates of deposit. Investments with remaining maturities of less than one year are classified as short-term investments. Investments classified as long-term have maturities of one year to six years.

The Company intends and has the ability to hold its securities to maturity, and therefore carries such investments at amortized cost in accordance with the provisions of the accounting guidance for investments in debt and equity securities.

Investments held at September 30, 2018 and December 31, 2017 are summarized as follows (in thousands):


	September 30, 2018				December 31, 2017
	Short-Term		Long-Term		Short-Term		Long-Term
Municipal debt securities	$	12,515	$	40,368	$	8,312	$	46,195
Federal home loan securities		—		36,393		1,000		30,322
Certificates of deposit		1,450		4,465		980		4,165

	$13,965		$81,226		$10,292		$80,682

Contractual maturities of long-term investments are summarized as follows (in thousands):


	September 30, 2018		December 31, 2017
Due after one year through five years	$	80,226	$	78,561
Due after five years through six years		1,000		2,121

	$81,226		$80,682